Mortgage Broker vs. Loan Officer

When you're looking to get a mortgage loan in BC, you may work with a bank loan officer / specialist or you may choose to work with a mortgage broker.  People often confuse the two job types. It is important to understand the difference between the two types of jobs so you know what to expect during the mortgage application process.

A mortgage broker is an individual or firm that acts as an independent agent for the borrower. A mortgage broker's role is to find you the right mortgage, much like your real estate agent works with you to find you the right home.

As mortgage brokers we we act as your agent between you and the lending institution, which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual private investor. We will analyze your financial situation to determine which lender is the best fit for your mortgage needs. We will present your mortgage application to one or more lenders and work with the chosen lender until the loan closes. In most cases there is no fees to you the borrower. OAC E&OE

A loan officer is a representative of a lending institution, such as a bank, who sells and processes mortgages as well as other loans, credit cards, RRSPs, accounts, investments etc that originated by their employer. They are working on the bank's behalf.  They have a limited variety of mortgage types to draw from and they all originate from that specific lender.  They often receive a bonus based on the number of different products sold.

As mortgage brokers we work for you with your best interests in mind, not the banks! 

We just do mortgages!